Praxair Inc. (PX) Downgraded by Zacks Investment Research to Sell
According to Zacks, “We believe that benefit arising from Praxair's solid product portfolio, end-markets diversification and growth strategies are more than offset by exposure to near-term headwinds. For 2016, the company revised its earnings guidance to $5.45-$5.60 per share range versus $5.35-$5.70 expected earlier, keeping its mid-point constant. The company predicts adverse foreign currency movements to negatively impact earnings by 3%. Moreover, the company's exposure to risks arising from higher production costs, stiff competition, and high debt levels might adversely impact its financials in the near term. Over the last 60 days, the Zacks Consensus Estimate on the stock has not changed for 2016 and 2017.”
Several other brokerages also recently weighed in on PX. Jefferies Group restated a buy rating on shares of Praxair in a research report on Wednesday, July 6th. Barclays PLC boosted their price objective on shares of Praxair from $120.00 to $125.00 and gave the stock an equal weight rating in a research report on Friday, July 29th. Morgan Stanley initiated coverage on shares of Praxair in a research report on Tuesday, September 13th. They set an equal weight rating and a $125.00 price objective for the company. Citigroup Inc. boosted their price objective on shares of Praxair from $120.00 to $123.00 and gave the stock a neutral rating in a research report on Friday, July 15th. Finally, TheStreet downgraded shares of Praxair from a buy rating to a hold rating in a research report on Monday, July 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Praxair has a consensus rating of Hold and a consensus target price of $118.57.
Praxair (NYSE:PX) traded up 0.35% during mid-day trading on Tuesday, reaching $118.91. 117,547 shares of the company traded hands. The firm has a market capitalization of $33.92 billion, a price-to-earnings ratio of 21.65 and a beta of 0.93. Praxair has a 52 week low of $95.60 and a 52 week high of $125.00. The stock’s 50 day moving average price is $119.07 and its 200 day moving average price is $116.14.
Praxair (NYSE:PX) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The business earned $2.70 billion during the quarter, compared to the consensus estimate of $2.60 billion. Praxair had a net margin of 15.09% and a return on equity of 31.66%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 EPS. Equities analysts forecast that Praxair will post $5.51 EPS for the current year.
A number of large investors have recently modified their holdings of the stock. Point72 Asia Hong Kong Ltd purchased a new position in Praxair during the second quarter worth about $101,000. SevenBridge Financial Group LLC purchased a new position in Praxair during the second quarter worth about $118,000. Quadrant Capital Group LLC raised its position in Praxair by 1.0% in the second quarter. Quadrant Capital Group LLC now owns 1,168 shares of the company’s stock worth $126,000 after buying an additional 11 shares during the period. High Point Bank & Trust Co. raised its position in Praxair by 25.0% in the second quarter. High Point Bank & Trust Co. now owns 1,250 shares of the company’s stock worth $140,000 after buying an additional 250 shares during the period. Finally, Advisory Services Network LLC raised its position in Praxair by 23.5% in the second quarter. Advisory Services Network LLC now owns 1,383 shares of the company’s stock worth $155,000 after buying an additional 263 shares during the period. 83.76% of the stock is currently owned by hedge funds and other institutional investors.
Praxair Company Profile
Praxair, Inc is an industrial gas supplier in North and South America, Asia and Europe. The Company’s operations are organized into five segments, four of which have been determined on a geographic basis of segmentation: North America, Europe, South America and Asia. In addition, the Company operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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